LP amends credit agreement
Louisiana-Pacific Corp. has amended its 2009 revolving credit agreement with its lenders and Bank of America, the administrative agent, to release the liens on certain assets of the company and its subsidiaries. These include liens on all equipment and real estate of the Nashville, Tenn.-based company and its domestic subsidiaries.
The new agreement increases the company’s flexibility to grant liens on, and dispose of, certain assets, including equipment and real estate, according to a July 11 filing with the Securities and Exchange Commission.
Louisiana-Pacific is one of the industry’s leading suppliers of oriented strand board and other building materials.
Beacon Roofing Supply adds former LP exec to its board
Beacon Roofing Supply, one of the industry’s largest distributors of roofing and exterior building products, has announced the addition of Richard (Rick) Frost and Neil Novich to its board of directors, effective immediately.
Frost has deep operational experience in the building products industry. He retired as CEO for Louisiana-Pacific in May 2012, having served in that capacity since December 2004. Frost previously served as executive VP, president, commodity products, procurement and engineering from March 2003 to November 2004; executive VP, president, OSB, procurement and engineering from May 2002 to February 2003; and VP timberlands and procurement from 1996 to April 2002. He currently serves on the board of Tractor Supply, the largest operator of retail farm and ranch stores in the United States with more than 1,100 stores in 44 states.
Novich is the former chairman, president and CEO of Ryerson, a global metals distributor and fabricator. He joined Ryerson in 1994 as chief operating officer, was named president and CEO in 1995, adding chairman to his title in 1999. He remained chairman and CEO until 2007, when the company was sold. Prior to his time at Ryerson, Novich spent 13 years with Bain & Co., an international management consulting firm, where he was a partner.
Beacon Roofing Supply operates 206 branches in 38 states in the United States and across Canada.
Columbia Forest Products partners with Greenwood Tree Farm Fund
Columbia Forest Products has announced an agreement with Greenwod Tree Farm Fund (GTFF) to use its FSC-certified timber for its MPX hardwood plywood.
The plantation-grown hybrid poplar log will be used for the creation of core veneers for the hardwood panels, which feature PureBond formaldehyde-free technology. Popular panels are superior to those made of fir and pine, according to the manufacturer, because they can suppress the thickness variation and core telegraphing of the veneers.
GTFF is a 35,000-acre tree farm and hardwood sawmill complex located in the Pacific Northwest. It is operated by GreenWood Resources as the investment and property manager. The Collins Companies manages the sawmill and markets the lumber under the brand of Pacific Albus, which refers to hybrid poplar varieties developed by GWR.
A new Meinan lathe will be installed alongside GTFF’s existing Upper Columbia Mill at the Boardman, Ore., plantation, assuring a highly efficient supply of core veneer cross-bands to Columbia’s plywood mill in Klamath Falls, Ore.
Ed Woods, Columbia’s VP western zone, said that “the material from GTFF will be FSC-certified, and customers will continue to experience the smooth, easy-finishing panel faces they’ve come to enjoy with Columbia’s MPX products. Only now, they’ll be working with poplar cross-bands that come from GTFF’s immense Boardman plantation.
“Though we have already been utilizing GTFF’s poplar veneer to make plywood, we have also been bringing eastern poplar all the way back to Oregon,” said Woods. “Having the veneer peeled on the plantation, within our state, is a tremendous logistical improvement. We are in business to assure our customers top-quality hardwood plywood when they need it, and the new operation in Boardman will position us even better to do just that.”
GreenWood Resources, founded in 1998, is a global timberland investment and property management company specializing in the acquisition, development and management of high-yield, short-rotation, sustainable tree farms. GWR currently manages approximately $350 million of assets or commitments and is committed to certifying its tree farms under the Forest Stewardship Council (FSC) or equivalent third party-audited certification programs. In addition, GWR has been a leader in the research and development of poplar as one of the key future sustainable feedstocks for bioenergy and biofuels.